— See Separate Table For Details
TOKYO (MNI) – Combined sales at Japanese department stores in March
are forecast to show a double-digit gain year-on-year, rebounding from
the combined 14.7% plunge caused by the earthquake disaster in March
last year, a survey of major store chains by MNI showed.
The Japan Department Stores Association will release March data at
1430 JST (0530 GMT) on Monday, Apr. 16.
In March last year, many department stores were forced to shorten
their business hours due to power shortages, and consumers reduced their
spending out of respect for victims of the disaster.
All of the seven department store chains surveyed reported
year-on-year gains above 10% in March, and three of them said their
sales surged more than 30% y/y.
Meanwhile, five of the seven department store chains surveyed said
their sales showed steady rises on year in early April, while two said
their sales were unchanged y/y.
Demand for spring clothing was boosted in April, thanks to rises in
temperatures, many spokesmen at surveyed department stores said.
Sales of jewelry and other luxury goods remained strong in April,
despite stock prices have stayed below Y10,000 since the early Apr. 4.
Sales of luxury goods are widely believed to be strong when the
Nikkiei Average is above Y10,000.
skodama@marketnews.com
** MNI Tokyo Newsroom: 81-3-5403-4838 **
[TOPICS: M$J$$$,M$A$$$,MAJDS$]
